Sachsenring, an automotive components company based in the former eastern Germany auto-making centre of Zwickau could file for insolvency within days according to press reports. The company was once at the centre of the old East Germany’s (GDR) auto industry.

The German newspaper Die Welt said Sachsenring Automobiltechnik would be having last-ditch talks on Tuesday with banks on financial assistance. The company employs 1,300 staff and apart from making suspensions and other parts, also builds armoured vehicles.

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